The company reported revenue of USD 16.761 billion, EBITDA of USD 2.064 billion and net profit of USD 683 million for the second quarter. Basic earnings per share came in at USD 0.90.
Second-quarter revenue increased to USD 16.761 billion from USD 15.457 billion in the first quarter, while operating income rose to USD 1.055 billion from USD 753 million. For the first six months of the year, ArcelorMittal posted revenue of USD 32.218 billion, operating income of USD 1.808 billion, net profit of USD 1.258 billion and EBITDA of USD 3.743 billion.
ArcelorMittal's second-quarter EBITDA reached USD 2.064 billion, while EBITDA per tonne increased to USD 155, compared with USD 135 per tonne in the same period of 2025 and USD 131 per tonne in the first quarter of 2026. The company also reported that EBITDA per tonne in its European operations increased by USD 28 quarter on quarter and said further improvement is expected following the implementation of the new tariff rate quota (TRQ) system, which came into effect on July 1, 2026.
Crude steel production totaled 14.3 million tonnes in the second quarter, while steel shipments amounted to 13.4 million tonnes. Iron ore production reached 13.5 million tonnes during the quarter, with production from ArcelorMittal Mining Canada (AMMC) and Liberia totaling 10.1 million tonnes. Iron ore shipments stood at 9.4 million tonnes.
The company's net debt increased slightly quarter on quarter to USD 9.5 billion following USD 600 million in shareholder distributions and investments in working capital. Despite the increase, liquidity remained strong at USD 10.4 billion, while the company maintained its free cash flow outlook for 2026 and beyond.
ArcelorMittal returned a total of USD 700 million to shareholders during the first half of 2026, including USD 200 million in dividends and USD 500 million through share buybacks. The company also announced that proceeds from the partial sale of its stake in Vallourec will be used to fund additional share repurchases and expects total shareholder returns in 2026 to exceed the minimum level set out in its capital allocation policy.
ArcelorMittal CEO Aditya Mittal said achieving EBITDA of USD 155 per tonne in the second quarter demonstrates that the company has structurally reached a higher level of profitability. He noted that the new tariff rate quota (TRQ) system introduced alongside the Carbon Border Adjustment Mechanism (CBAM) in Europe has created a more balanced competitive environment. Following the implementation of the TRQ measures, order books have strengthened and the process of restarting idled capacity has accelerated.
Mittal added that European steel shipments are expected to remain flat or increase in the third quarter compared with the second quarter, contrary to the usual seasonal slowdown. He also said shipments across all business segments are expected to be higher in the second half of 2026 than in the first half.
The company also reiterated that its organic growth projects and completed acquisitions are expected to generate approximately USD 1.8 billion in additional annual EBITDA from 2026 onwards. ArcelorMittal maintained its 2026 capital expenditure (capex) guidance at between USD 4.5 billion and USD 5.0 billion, of which USD 1.7-1.9 billion is expected to be allocated to strategic investment projects.
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